KRAKOW, POLAND-Hines has started work on the 400-unit apartment complex here called Apartamenty Novum. The multifamily project will be the Houston-based firm’s first investment in the city, and the land is jointly owned by Hines and Heitman.
The square-shaped complex will consist of six connected buildings ranging in height from four to nine stories tall. The project is going up on 12 acres in the center of the city at 20 Rakowicka St., about a mile from the Main Market Square of Old Town.
As apartments are distributed differently in Europe than in the United States, these units will be sold, offered at about $2,450 per square meter for an unfinished unit. Amenities will include 9-foot ceilings and a two-level parking garage, with finished apartments planned to be available in the future. Project completion is expected by late 2013.
Hines has other projects in Poland, including the Metropolitan office building on Pilsudskiego Square in Warsaw and the Impresja apartments in Wilanow, and is developing the Quattro Towers residential complex in Gdansk. Wojciech Rumian, managing director for Hines Poland, said in a statement that Hines has been trying to do a project in Krakow for seven years. “We were looking for a centrally located site allowing for a larger scale project, which is extremely difficult to find in Krakow because of its densely built historic district,” he said.
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